Metal Scrap Performance in China
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Metal scraps performances in Foshan market on October 8
2024-10-8
Copper: The spot copper price in Foshan market fell across the board today. After the holiday, LME copper fell further, and the price returned to around $9,800. The main contract of SHFE copper retreated below 78,000 yuan under pressure, and the spot copper price fell under pressure. Recently, the domestic policy has been more and more favorable, which has boosted the price of non-ferrous metals before the holiday. However, after the continuous increase, the traders are worried that the short-term copper price will have the risk of profit-taking. In addition, the demand of the copper market has not improved significantly, and the characteristics of the peak season are not obvious. Copper manufacturers are still cautious in purchasing goods, and they mainly purchase on demand. Although the holders have a willingness to pay a high price, they are hindered by the cautious entry of the downstream market. Since today is the first trading day after the National Day holiday, both buyers and sellers in the market have shown cautious attitude and paid close attention to the market outlook.
Aluminum: Today, the aluminum price in Foshan market ushered in a good start in the fourth quarter. Aluminum factories and enterprises are slightly cautious about the performance of the aluminum market after the surge, and most of them have a strong profit mentality. Recently, aluminum ingots in Guangdong have been suppressed by the profit demand of the holders, and they are still heavily discounted. Judging from the situation after the National Day holiday, the stimulus measures continued in the fourth quarter, and 21,000 yuan is still the expected wait-and-see position in the near future.
Zinc: On the first day after the National Day holiday, domestic stocks rose sharply, and SHFE zinc rose strongly. Traders were more cautious about receiving goods and entering the market less. The downstream materials manufacturers digested the pre-holiday inventory, while the low inventory manufacturers purchased on demand, fearing high emotional distress, and the purchasing enthusiasm was not high, and the overall market transactions were stable.
Stainless Steel: Golden October is coming and it is bullish! During the National Day holiday, LME nickel in the external market rose by nearly 1,000 US dollars. After the holiday, SHFE nickel ushered in an explosion, stainless steel futures broke through the 14,000 mark bravely, and the spot market rose with the trend. Scrap trading actively pursued high receipt, and the circulation of supply transactions was tight. (Analyzed by LTIT)
Aluminum: Today, the aluminum price in Foshan market ushered in a good start in the fourth quarter. Aluminum factories and enterprises are slightly cautious about the performance of the aluminum market after the surge, and most of them have a strong profit mentality. Recently, aluminum ingots in Guangdong have been suppressed by the profit demand of the holders, and they are still heavily discounted. Judging from the situation after the National Day holiday, the stimulus measures continued in the fourth quarter, and 21,000 yuan is still the expected wait-and-see position in the near future.
Zinc: On the first day after the National Day holiday, domestic stocks rose sharply, and SHFE zinc rose strongly. Traders were more cautious about receiving goods and entering the market less. The downstream materials manufacturers digested the pre-holiday inventory, while the low inventory manufacturers purchased on demand, fearing high emotional distress, and the purchasing enthusiasm was not high, and the overall market transactions were stable.
Stainless Steel: Golden October is coming and it is bullish! During the National Day holiday, LME nickel in the external market rose by nearly 1,000 US dollars. After the holiday, SHFE nickel ushered in an explosion, stainless steel futures broke through the 14,000 mark bravely, and the spot market rose with the trend. Scrap trading actively pursued high receipt, and the circulation of supply transactions was tight. (Analyzed by LTIT)
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